XML 47 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
Net Income Per Unit (Tables)
 6 Months Ended
Jun. 30, 2017
Net Income Per Unit [Abstract]  
Net Income Per Unit [Table Text Block]
Our distributions earned with respect to a given period are declared subsequent to quarter end. Therefore, the table below represents total cash distributions applicable to the period in which the distributions are earned. The expected date of distribution for the distributions earned during the period ended June 30, 2017 is August 11, 2017. The calculation of net income per unit is as follows (dollars in thousands, except units and per unit amounts):
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2017
 
2016
 
2017
 
2016
Net income attributable to partners
 
$
18,977

 
$
18,893

 
$
33,572

 
$
34,341

Less: General partner's distribution (including IDRs) (1)
 
4,608

 
2,775

 
8,845

 
5,061

Less: Limited partners' distribution
 
17,175

 
15,310

 
33,962

 
25,695

Less: Subordinated partner's distribution
 
—

 
—

 
—

 
4,424

Distributions (in excess of) less than earnings
 
$
(2,806
)
 
$
808

 
$
(9,235
)
 
$
(839
)
 
 
 
 
 
 
 
 
 
General partner's earnings:
 
 
 
 
 
 
 
 
Distributions (including IDRs) (1)
 
$
4,608

 
$
2,775

 
$
8,845

 
$
5,061

Allocation of distributions (in excess of) less than earnings
 
(56
)
 
16

 
(184
)
 
(17
)
Total general partner's earnings
 
$
4,552

 
$
2,791

 
$
8,661

 
$
5,044

 
 
 
 
 
 
 
 
 
Limited partners' earnings on common units:
 
 
 
 
 
 
 
 
Distributions
 
$
17,175

 
$
15,310

 
$
33,962

 
$
25,695

Allocation of distributions (in excess of) less than earnings
 
(2,750
)
 
792

 
(9,051
)
 
(340
)
Total limited partners' earnings on common units
 
$
14,425

 
$
16,102

 
$
24,911

 
$
25,355

 
 
 
 
 
 
 
 
 
Limited partners' earnings on subordinated units:
 
 
 
 
 
 
 
 
Distributions
 
$
—

 
$
—

 
$
—

 
$
4,424

Allocation of distributions in excess of earnings
 
—

 
—

 
—

 
(482
)
Total limited partners' earnings on subordinated units
 
$
—

 
$
—

 
$
—

 
$
3,942

 
 
 
 
 
 
 
 
 
Weighted average limited partner units outstanding (2):
 
 
 
 
 
 
 
 
Common units - (basic)
 
24,335,338

 
24,281,930

 
24,331,991

 
20,653,210

Common units - (diluted)
 
24,375,946

 
24,367,091

 
24,371,540

 
20,735,389

Subordinated units - Delek (basic and diluted) (3)
 
—

 
—

 
—

 
3,626,149

 
 
 
 
 
 
 
 
 
Net income per limited partner unit (2):
 
 
 
 
 
 
 
 
Common units - (basic)
 
$
0.59

 
$
0.66

 
$
1.02

 
$
1.23

Common units - (diluted) (4)
 
$
0.59

 
$
0.66

 
$
1.02

 
$
1.22

Subordinated units - Delek (basic and diluted)
 
$
—

 
$
—

 
$
—

 
$
1.09


            

(1) General partner distributions (including IDRs) consist of the 2% general partner interest and IDRs, which represent the right of the general partner to receive increasing percentages of quarterly distributions of available cash from operating surplus in excess of $0.43125 per unit per quarter. See Note 7 for further discussion related to IDRs.
(2) We base our calculation of net income per unit on the weighted-average number of common and subordinated limited partner units outstanding during the period. The weighted-average number of common and subordinated units reflects the conversion of the subordinated units to common units on February 25, 2016.
(3) On February 25, 2016, each of the Partnership's 11,999,258 outstanding subordinated units converted into common units and began participating pro rata with the other common units in distributions of available cash. Distributions and the Partnership's net income were allocated to the subordinated units through February 24, 2016.
(4) Outstanding common share equivalents totaling 10,090 were excluded from the diluted earnings per share calculation for the three and six months ended June 30, 2017 and 6,540 for the three and six months ended June 30, 2016, respectively, as these common share equivalents did not have a dilutive effect under the treasury stock method.